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of this are the politics of a presidential election. at the end of the day, the balance of power remains almost exactly the same. does the fact the president won an election make his hand any stronger? does it make it the same? does the idea he's not running for office again improve his power or make him weaker? i don't really know the answer to that. i do remember president bush saying he had a mandate, and watching that mandate fizzle as he tried to do social security reform. i'm not sure there's been any progress at all as a result of this election, maria. i'm not hearing it yet in the rhetoric. >> you have to wonder what the quid pro quo is. if he's going to draw that line in the sand that he's going to veto any legislation on the upper end tax cut, there has to be some quid pro quo at some point. dan, what do you think happens? obviously wall street didn't like what it heard. >> clearly not. the reaction was probably more visceral than a lot of people anticipated, particularly as it rallied on election day and into the election, even though it was clear obama had the advantage. i think it's a lot
are looking at tonight? this is "the ud lkudlow report. now that he's been re-elected, tomorrow president obama will finally tackle the fiscal cliff in a delivered statement. we are going to get you the details. there's been a 400-point-plus selloff since the election. we could be staring at a dividend tax and a capital gains tax hike. superstar investor ken hebner tells us how to get through this period. >>> also, american drone and international airspace days before the election and kept secret until now. is that a coincidence? >>> and on election day, voters in two states allowed recreational use of marijuana. is this the gateway to liberals legalizing rampant drug use in this country? janine turner is going to join us. >>> within the hour, word that president obama will make a statement on the fiscal cliff and the economy at 1:00 p.m. tomorrow. the congressional budget office issued a new scenario of what happens if the president and congress fail to act. eamon javers joins us now with the details. good evening, eamon. >> reporter: good evening, larry. as you say, we're getting news t
conference since being re-elected, president obama, with rhetoric sometimes reminiscent of his tax-the-rich campaign mantra, he appeared to dig in his heels on extending tax cuts for the wealthiest americans. take a listen. >> there is a package to be shaped. and i'm confident that parties -- folks of good will in both parties can make that happen, but what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford and according to economists, will have the least positive impact on our economy. >> all right. i don't know about you, but to me, that sounds like a fairly staunch and unwavering position. and yet, the president did insist he's staying open to new ideas. take a listen to this one. >> i am open to new ideas, if the republican counterparts or some democrats have a great idea for us to raise revenue, maintain progressivity, make sure the middle class isn't getting hit, reduces our deficit, encourages growth, i'm not going to just slam the door in their face. i want to hear -- i want to hear ideas from everybody. >> all right. now, that second
'm maria bartiromo today coming to you live in chicago. the post-election stock slide is continuing on wall street today. another day in the red as the traders digest the president's first news conference since the election. fiscal cliff negotiations going on right now in the white house. bill, good afternoon. >> hello. i'm bill griffeth here at new york stock exchange. we have huge news making interviews coming up. stay tuned for kkr's founder george roberts, the new best buy ceo in his first television interview since taking over that troubled company, and charles schwa b's ceo will be joining us as well. >> also, israel launches a massive military operation in response to hamas. >> gold also higher. one of those days where energy went higher and stocks went lower. we're setting lows right now. the dow down 126 points at the 12,629 level. the nasdaq and s&p are also moving lower. the nasdaq has moved into correction territory, down about 10% from its highs set earlier this year. the s&p is down sharply as well at this hour. so it was those fed minutes, the continued fears we may go over t
the election, number one and number two, the epa knows better than the marketplace. >> the epa knows better than the states, where the oil exists. >> and where there is regular zblags and knows better than the marketplace. free market capitalism in the energy marketplace, larry, has died a long time ago. and it is going to go -- the nails are going into the coffin. one more time. and as if it is not already nailed shut as it is. >> do you think president obama -- all right. i am giving him the benefit of all the doubts, just got re-elected and i say to him fine. do you think president obama will let his epa do what you are describing? do you think president obama will try to throttle the epa back? >> look, for the first three years of the obama administration, we saw every negative behavior towards the oil and gas industry that was possible. suddenly in january 2012, we had this suddenly announced all in, all the above energy strategy which didn't mark with all the actions of the prior three years. my guess is my prediction is that we go back to the original obama administration which is ne
that the president basically campaigned -- we had an election and he may want to say, hey, guys, aren't you seeing that i was re-elected here and i have been saying all along that i am going to let those rates on upper income earners, those lower rates expire and return to what they were before the so-called bush tax hikes. is he ready to give potentially on that if the answer is, well, maybe we can let rates stay where they are so long as the share of taxes or additional revenue comes from the ultra affluent, in his parlance, i suppose. >> i don't know that he's going to go there, tyler. i'm just saying that i think on principle, so long as additional revenue comes from that group, i don't see why the white house would not be able to go there. you are correct, he has campaigned both in his statements as president and as a candidate for two years saying those top rates are going to go up. he has a pretty strong hand. 60% of americans in the exit polls said they think taxes should go up. but there's more than one way for taxes to go up. i think if you're a president looking to negotiate with republ
once the election was finished, that they had not focused clearly enough. >> pathetic they didn't realize this was come ppg. >> but if you're focusing on the election and what's going to happen there, then all these people are just like --ine ppg. >> but if you're focusing on the election and what's going to happen there, then all these people are just like --ge ppg. >> but if you're focusing on the election and what's going to happen there, then all these people are just like -- ppg. >> but if you're focusing on the election and what's going to happen there, then all these people are just like --ppg. >> but if you're focusing on the election and what's going to happen there, then all these people are just like --. >> but if you're focusing on the election and what's going to happen there, then all these people are just like -- >> we've done the same thing. we stopped focusing on europe while the election was going on. >> but if you believe that they anticipated an obama win, it shouldn't be a big shocker. >> the greeks did vote for what was necessary p. and we've had other thin
live from chicago. this market selling off again today. the market down 5% since president obama was re-elected. add on to that a 200-point selloff today. the dow with a decline of 184 points on the session. that's 1.5%. s&p 500 also down about 5% since the president re-elected. down about 20 points today. nasdaq down 37 points today. that's 1.25%. today, many of the recent winners were the big losers. we have been seeing recently money moving into transportation stocks. today, they got killed. financials also under pressure and tech nothing on the downside. the market seeing red across the board as the fiscal cliff fears escalate today after the president takes a hard line in his news conference earlier this afternoon. joining me now to help break down the trading day and what you should be doing with your money, kwint, quint is joining me. we also have john buckingham of al frank asset management. thanks, everybody, for joining us. first, michelle, let me get your news, the latest on the attack out of israel on hamas. this, of course, another major news story today that we're following and th
to election news. while we could see steep changes on a daily basis from now until year end, he expects the market to firm up by then. peter joins me now along with ben pace, jim key from south texas money management, and our own rick santelli. gentlemen, nice to have you on the program. thanks for joining us. >> thank you. >> how do you navigate this, peter anderson? you have a market that keeps losing steam. you have uncertainty knowing we're not going to know tax rates. certainly until we get information on the fiscal cliff. we're waiting on that. once again, we find ourselves in a holding period. what do you do? >> well, you know, i think that quality is just totally masked right now by volatility. as we get closer to january, it's a beautiful thing. what we will start seeing is convergence of some of the facts in terms of what the solutions will -- the proposed solutions will be, maria. right now i think everybody's just in a holding period. but that -- it takes a lot of courage to do this, but we're telling our clients to stay fully invested at this point because we think this is
won the election and 2 percentage points on the popular vote and landslide on the electoral college and running explicitly on the platform and the expiration with the upper income were tax cuts and the people were behind him and 60% in the exit polls said they supported that plan and now we have the evidence from the congressional budget office behind them and in my view, the president and the people and the cbo are all lined up on the right side. i'm not saying that will convince you. ? jared, my friend, can i just make one factual correction? >> there are two tax questions in the exit polling and when you ask people about the income tax assuming there's a hike and then yes, you're correction, by 47 to 35 and not a huge amount, and they do favor tacking the wealthy and there was another question in the exit poll and i wrote a column about that, and should taxes be raised to help cut the budget deficit? guess what? yes, 33. no, 63. so i go slow on the mandate side. the country is very divided about tax hikes. >> go ahead. i'm sorry. >> jared, the republicans were elected to control
romney's plan. he lost the election but might his ideas win out in the end? plus obamacare, continues to take it's toll on jobs. and one ceo's comments about it's plan are spurring a national movement to eat pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and t
with representative gregory meeks, a democrat from new york city. mr. meeks, welcome and congratulations on your re-election. >> thank you, tyler. good being with you. >> let's talk about the fiscal cliff a little bit. what specifically would you be willing to yield on of the things that are very important to you to help us avoid the fiscal cliff? >> i think that conversation that everything's on the table is on the table. for me, it has to be balanced. we have to make sure that there are some things very important to me, like i'm sure there's some things important to my colleagues. you can't have it i know i have been talking to my constituents and letting them know that pain is going to be on the way but it has to be emquickable pain. for me, i'm with the president. everything is on the table, we have to talk, can't be why where it is one-sided and somebody tells me it has to be all cuts and no revenue. >> has anything, mr. meeks, really changed. ♪ president won re-election, he would say that is a vindication of his position. but at the same time, we have a balance of power here, a tricameral, three par
within the hour. and banks, health care and gun stocks all reacting to yesterday's election result in the u.s. we'll head out to new york city later in the show for a preview of what to expect on wall street today. and more than 2,000 hand picked chinese delegates gathered at the great hall of the people to kick off the communist party week long transition. beijing will only officially reveal the next generation leaders thursday. hu jintao promised political and economic reform, but he stressed china won't abandon one party rule and will stick to the socialist path. eunice is live for us. this is his big final speech, so reading in sort of between the lines almost is very telling. it's the legacy he's trying to cath. and what less gassy is that? >> many here believe what he is saying is significant in that it is his final farewell. he really was just reading through the work report to talks about the achievements, the economic and political achievements that the party has had. and also to outline the future challenges. one of the first challenges you had already addressed is the is
there in 2010 before it slid down and senator-elect warren is an important figure in terms of getting headlines. she is compelling. she is able to make a lot of noise but she doesn't i think in the end control regulatory regime and put in place. she's just able to back and very effective barber by the way. >> right. >> if that dynamic changes then banks have to recompute, right? right now she is a figurehead of sorts. >> yesterday isn't that the recomputation of the banks? warren was voted in and a sentiment there needs to be or a desire for increased regulation of banlgs and not dodd-frank but elizabeth warren elected to the senate. >> she is a wild card. i was bashing her repeatedly on "mad money" and she said will you break bread with me. she's compelling and looks at you and says i don't like this but i like this. i like the way american express is handling itself. suddenly you think, maybe there's gradations. she is not nearly as unreasonable as the press indicates. she has a model she likes with the banks and a model she doesn't and those in the wrong will be in her wrong will be in the c
thought we would be getting a certainty bounce after the election, they thought wrong. in fact, president obama's second-term victory was greeted with stocks second worst day of the year. triple digits again thursday, and figures were mixed thursday. the possibility of a u.s. downgrade if america goes over the so-called fiscal cliff. but said it would wait until after budget negotiations. a downgrade, of course, would make it more expensive for the united states to borrow money. >>> superstorm sandy could provide an economic boost to the auto industry. as many as 250,000 new and used cars may have been ruined by sandy. a loss that could eventually lead to a spike in auto sales. >>> overall consumer borrowing expanded in the month of september, but at a slower pace than the previous month. a sign buyers may be pulling back on their credit card purchases. this is an important data point, because consumers and consumer spending make up more than two-thirds of the u.s. economy. >>> what will a second term for president obama mean to the economy? will we see compromise? or will we fall over th
. >> from our point of you view, the u.s. election outcome was exactly what we expected. it's no surprise that germany is being negatively impacted by what's going on in europe. this is the biggest export markets. our expectation is that germany will pretty much flat line over the next four quarters. it's hard to many sources of growth in the eurozone. and trying to do it amid flat growth or recession is awfully difficult. >> andrew, good to see you. have a good weekend whenever it starts. what one nation's waste could be another's growth driver. the nikkei has more for us. >> yeah, japan's household garbage may be the solution to the electricity shortage. the government plans to introduce a subsidy aiming to increa increase. japan has 20 million tons of food waste that goes to landfills. that could provide 5% of the nation's electricity. it may be able to triple the amount of bios mass generation by 2030. a big reason for the push is because japan needs to reduce its reliance on expensive oil imports. back to you, ross. >> okay p thank you. >>> let's take a look at what's on the agenda i
market today. just consider this, right before we knew the president was re-elected, the yield on a ten-year note was 175. here we sit at 161. unchanged from yesterday. still it down ten basis points from its last friday close at 171. pretty pitmuch most of the lowe yooel yields are based on uneasiness. fiscal cliff, raising taxes in a slow economy. all of it is coming home to roost. >> mike, we had the president come out saying that he will veto any legislation that allows the tax cuts to be extended for the highest earners. is that what poured water on the rally? >> it didn't hurt. obviously, there was no breakthrough. i think the one thing to take away from today's action was the fever kind of broke a little bit in terms of the market really being hyper actively responding to every little knnuance. i think the market would have liked to see a little more affirmative suggestions that were going to come closer together. i don't think it was something that alarmed everybody, considering the height of panic that built up over a couple days. >> all right, guys. thanks so much. appreciate
of this uncertainty has led to this sharp decline since the election. s&p capital iq says the market value of all companies on publicly traded exchanges of the major exchanges has dropped by $750 just since november 5th. brian singer, let me ask you about that. would you be poised to put money to work in this selloff, or do you want to get to the sidelines until the dust settles? >> generally speaking, i think the environment is one where you want to look for an opportunity to actually step in over the coming six weeks or so as we get to the end of the year. as we approach the fiscal cliff, our baseline assumption is that there will be resolution, we won't go off the fiscal cliff, but there will be tremendous volatility, and that should provide an opportunity to step in. >> keith, what do you think the message of the market is with the kind of trading pattern we're seeing and the big losses we've suffered since the election? what is this market telling you, and what are you doing about it right now? >> it's pretty clear, bill, that a lot of the hedge fund managers really believe that romney was g
house is on. president will hold his first news conference since his re-election today at 1:30 p.m. eastern. we have it for you live right here on this special edition of "power lunch." >>> if a budget is not agreed upon by congress, americans in the top 1% will see a federal tax increase of over 7%. from investing for the first time... to investing with knowledge. the potential of td ameritrade unlocked. nyse euronext. unlocking the world's potential. to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext. unlocking the world's potential. >>> breaking news on mf global. brokerage that declared bankruptcy just a little bit more than a year ago. we're getting a press release from the house of representatives financial services subcommittee on oversight. an investigation saying that they will release a report tomorrow that's essentially an autopsy of what went wrong at mf global that caused it to declare bankruptcy. we are saying that it rested on decisions by chief executive jon corzine turning the 230--year-old sleepy brokerage into a full
would be ready with that, too. i would say boring. look at happened with the election last night. we did not solve the gridlock issue, so we will get the sequestration thing with the dramatic increase in tax on stocks. the president would say the speech was an olive branch to the other side. it's a new era. some might like to go over the cliff because such a jump would make cuts in what they might think is a blow to the defense budget raidsing taxes for wealthy people. now, even though that's an incredibly cynical interpretation of what's happening, i believe it would get the client's attention for sure. the twisted world that is washington spires a ton of hatred among everyone, particularly the wealthy. i think that would have softened the client up for what i regard as being a prudent reallocation of capital. not a fleeing of the market, please. i know that's how it's going to be interpreted on twitter. he said sell, sell, sell. no, not a fleeing of the market but a recommendation of some trims and tucks and recastings to stay diversified and protect gains. remember, a good broker has
offer. >>> welcome back. mitt romney may have lost the presidential election, but some democrats are warming to one of his key tax reform proposals. remember this? >> everybody gets -- i'll pick a number -- $25,000 in e ductided and credits. you can decide which ones to use. home mortgage interest deduction, childcare tax credit and so forth. you can use those in filling that bucket of deduction. >> robert frank looks at how a deduction bucket impact everything. >> the gop doesn't want to raise tax rates. many on both sides are now talking about cutting or limiting deductions to raise revenue. that would appease both parties. some argue that this would be a gift to the wealthy, but in fact, millionaires would bear the brunt of any cut in deductions. let's look at the tax policy center. if deduction were capped at $25,000, people making $1 million or more would see a tax increase of more than $97,000. this group would could for more than 45% of that tax change. people making more than $200,000 a year would account for more than 70% of that change. the middle class, well, they woul
." i'm maria bartiromo at the new york stock exchange. the post-election hangover continues on wall street. here's a look at how we're settling out today. we're ending near the lows, in fact, at the lows. down 60 points on the dow industrial average. nasdaq composite, weaker by 20 points. technology one of the laggards here today at 2883. the s&p 500 tonight gave up five points at 1374. we are moments away from quarterly earn from cisco. the company is expected to report a profit for the first quarter of 46 cents a share and revenue of $11.77 billion. let's get to today's market action as we await the numbers. good to see everybody. thanks for joining us. carol, what are you expecting in 2013 under president obama's policies? >> i'm not expecting anything very good, maria. i think that we're going to end up with some sort of a slow down. i think whatever the compromise that ends up being made under this grand bargain, it's going to be something that ends up hurting unemployment. that being said, i think there's always a tale of two markets. from a broader market standpoint, i expect
are president obama, you believe the election is over and your campaign received a ringing endorsement. but if you are a republican, you have to believe that those republicans that do not want to rise above politics are banking on massive declines in spending to wreck the economy. if you are a republican, in permanent campaign mode, i'm sure one of your advisers is saying that going off the fiscal cliff might be the best thing in terms of the midterm election. worse, if you are a democrat, you might think the defense spending cuts could be coming and you might think that is good. there is a sense that those who want to stymie the president are going to be targeted by other politicians, business people, and yes, they will be targeted by us. you stand in the way of a deal, your principle is greater layoffs and lower standards of living and your principle is lower stock prices. the pressure of the business people putting on the government you get a deal spearheaded by our guest dave cote is greater than anything i have seen in our life and it is growing. that is why the optimism may not b
but they feel like the election did say something and there is another worldly thing going on which is the president says the election was a mandate. the business leaders feel that it's a bit of mandate. business leaders backed the wrong guy. the loser guy. i'm not saying he isn't the greatest thing in the world. i think the tone will be, listen, maybe we got off the wrong track too. maybe it isn't just you, mr. president. we have to get together. that's important. what's most amazing is that cote is a great businessman. he can't hire in this environment. he wants to make the numbers. he has to do what's right. this is a continuing theme that i'm hearing, carl, which is they can't hire. it's not in our own minds. harley may be doing well. polaris may be doing well. coors may be doing well. what these guys see is i can't make my end which is to get the -- remember, if jobless claims come out tomorrow and they're bad, you'll get a hint here that it would be the beginning of what are the people who are ceos saying i'm on hold and if we get jobless claims bad, meaning we go back to 380,
points now, or about 3%, since tuesday, since the president's re-election. it's the worst two-day losing streak for the blue chip average in about a year. the s&p 500 and nasdaq are also down sharply the past two sessions. we want to show you where we stand right now, as a matter of fact. just off the lows of the session, down 61 points on the dow. we were down about 80 points at the low. now at 12,872. no bounce today so far. the nasdaq is down 27 points at 2909. the s&p 500 index at this hour also lower, down almost ten points. >> pretty broad based as well. what will it take to get the bulls in a buying mood once again over these fears over the fiscal cliff? does it derail any hopes of a sustained rally until next year? >> that's what we're going to talk about in today's "closing bell" exchange. joe, is this about the fiscal cliff? i mean, europe is still a worry as well, isn't it? >> it is. clearly -- and largely, it was retail sentiment from what we're seeing from the customers coming in that have sold for the last two days. institutions haven't exactly ran for the door just yet. yo
from the newly re-elected president of the united states. we're going to have business groups visiting the because to talk about the fiscal cliff and we'll have high-level negotiations between members of congress and the president and his team on the fiscal cliff, all trying to avert a showdown here before the end of the year. but i want to drill down on one issue of this that might be really important to our audience which is the question of capital gains and dividends taxes, where are those headed under all of these various fiscal cliff scenarios. you talk about the different plans out there. a lot involve cap gains. simpson-bowles under that plan released last year, capital gains are taxed as ordinary income. domenchi-rivlin, cap gains. we assume what paul ryan wants to do is keep those at the rates where they are now. but in talking to republican lobbyist types around town, wall street lobbyist types around town they are betting the capital gains rate will go up at some point in this fiscal cliff negotiation somewhere to the range of 20%, 22%, even 25%. he think they sort of an ine
to tokyo with japan hit by election fever. the yen is falling as a repeated call for bold monetary easing. and we'll be live in new york 5:45 a.m. for a look at the u.s. retail sector. walmart and target getting set to release third quarter numbers. >>> chig that's ruling com uhe nus party has lifted the curtain. the unveiling seals so s xi jins rise. hu has seeded oig all powers and that's gives china's next leader a strong mandate. eunice has more for us this morning. it sounds like a pretty signature consolidation of power under xi. >> definitely is a consolidation of power. he'll get a very strong mandate as you had mentioned to run this country the way that he wants. he gets the three top titles, the most powerful are party chief, president as well as military commander. that is very significant because it allows him to have more control over his own agenda. when he went to meet the press this morning, he was looking very casual, looking a about folksy. when he was youtd lining the challenges ahead for the nation. >> our party faces many challenges and there are many pressing problem
vote by americans that they want taxes raised. there are a lot of thins that went into that election. and i think the exit polls was at like 40% said that. so getting 40% of population to agree that they want to raise the taxes on somebody else is not that big a deal. it's not that hard to get people to raise taxes on the other guy. >> but boehner seems to be willing to give a little bit more. i wonder whether he gives and then can't really -- >> kerry says we won't be pushed around, but you can't do it without the house. >> elections do have consequences. you said that yourself. and you wonder if there will be something where you can bring a compromise. my guess is that you won't be able to start back exactly where you were before. you need to find some way to come about and boehner has suggested there's a way you can do it by changing the tax code, by getting rid of some of the loopholes and deductions. and again, higher effective tax rates for lower marginal tax rates. >> i am rising above, but i'm with these guys that there are guys that think, wait a second, what are they doing
's been big volume in etfs since the election, but really the whole month of november. volumes up about 40%. the xlft financial etf up. china is up notably, because we have a power transition in the next few months. one other beneficiary, big volume in any kind of volatility etfs, the vfx, people are predicting a lot of volatility. the vix is sitting around 18 and a lot of people are scratching their heads trying to figure out what's going on. why isn't the volatility up? i think there's a very good explanation. the options guys are selling puts. they were huge buyers of puts. but the s&p is what, 13.50 right now? they have got all of these puts that are in the money. the big guys who have gone out for protection. they're selling puts right now, they're not buying them. they're all in the money. that's one of the reasons the s volatility has been on the down side. sales there, generally to the down side, down 11%. china down as well. india's up a little bit. and by the way, purchases of gold using etfs. 56% increase in their volume. that's because a lot of people went out in the third quar
a little bit about the fiscal clif and rising above, the day after the elections we have both democrats and republicans making nice noises at least on resolving the fiscal cliff. have their positions really clanged, john, or is this just the expectable post-election? >> it is the expectable post-election -- bs. there's no way that the republican congress can agree to raise taxes. they will be challenged in the primaries and they will lose an issue to fight the democrats in a general election. that's only a year-and-a-half away. the republican primaries for the house, remember. and the democrats won the presidency by advocating higher taxes. so this was a polarizing election, not a compromise election. they're not going to get together on this. >> the republicans have said they're willing to raise revenues by reform, the tax code. that means cutting loopholes. democrats want to raise taxes by raising -- raise revenues by raising taxes on rich people. that's it. i don't see how the two come together on this. >> remember in 2011 twlb w 2011 before we got into the crisis for the debt limit
know, jockeying for position, when is the next election going to be. it will be over the next four to five months. until we have a new government, these really needed deregulation policies aren't likely to be fort coming and when you look at japan, you're basically looking at the fortunes of the exporters, china, currency and america. >> okay. thanks for that. dominic will stick around. we'll have more on january pjapn in the show. first over to china. the economy may have performed weste better, but liquidity a big issue. outstanding yuan loans came in smaller than consensus. still over the weekend, the country did report a solid trade surplus. the biggest in 45 months for the month of october. eunice has more on this report from beijing. >> ahead of the leadership transition, chinese policymakers are painting a rosy picture of the economy. they said it's turning a corner and that he's confident the country will meet its full year economic target of 7.5%. the export data for october also came in surprisingly strong thanes to better than expected sales to the united states and even
of sorts in the election. don't let it go to waste. >> seems like there's a split in the republican party and people that want to make a deal and people that say there's no deal and the no deal crowd is now being identified as crystal did with we don't want to deal. we want to bail out millionaires. >> i continue to hear the rallying cry from those who are against raising the rates on the highest earners that it's only going to raise 80 billion or 100 billion, 110 billion maybe the high. we have a trillion dollar deficit. you continue to hear that argument which doesn't make a great deal of sense in the sense that you need sacrifice and everybody to buy in and that's going to have to happen as well. i do wonder if that's going to still have resonance with one part of the republicans particularly in the senate that may prevent this from getting done. >> this is one of those situations where we hope that the greek will pay money. we're looking at greece saying why can't they get to some sort of surplus or something. same thing here, guys. don't look to greece to try to solve the problem. we
. the markett down about 5% since the election. we continue to see a deterioration here. the nasdaq gave up about ten points at 2836. the s&p flat on the night, down about 2.25 points. the market closing lower once again today, adding to the losses we have been seeing since the election. is a deal in washington what investors are waiting for to get back into the game? joining me now is ben pace from deutsch back private wealth management, scott collier and our own mandy drury. good to see everybody. ben pace, what is behind this selling, and when will it end? what's your take? >> i don't think it's really economic right now, maria. i think it's pretty political. every pronouncement we've heard over the last four, five days has decreased the likelihood we're going to have a quick resolution of bargaining that has to happen in washington. again, it has to happen. it increases the likelihood that we fall off the cliff for lack of a better term. we still don't think that's over the 50% probability. it was probably 25 to 30 mow. that's why the markets are where they are. they're starting to hit
term, indeed we have the german elections in september, as to we don so we didn't see that happening ahead of that. >> did did you get restructured on on your greek debt? >> we had the august 2011 which we got paid in full and we had the march 2011 restructured. so small little bits of restructured debt. >> are we going to have an accidental key paul? >> germ any if you look what they were saying earlier in the summer, the eurozone is fine, greece can leave. and i think they've changed their term worrying about the implications for the eurozone. so that makes me feel more confident about they'll get together. they'll get to greece the money they need. it's press department setting i suppose the issue the germans will have with it. so i think greece you don't have as to worry about for the next few years. >> do you agree, justin. >> >> yes, and i certainly agree with the point being worried about a default. we certainly saw a change in attitude when there was a lot of political upheaval in greece. the potential contagion from that gave a big shot to the political class and they want t
saw what paul ryan said. the house was re-elected. so people re-elected those people in the house for a reason. it's a nonstarter. it's not going to happen. it's not going to be 1.6 billion. 1.6 trillion. to get to four trillion, that would be 2.4. so we said that. he'll go not 3-1 like simpson bowles. he's go one and a half to one. >> that's not going to happen either. >> but what bothers me -- >> the problem is nothing is going to happen. >> what bothers me is i do think you can get to a point where you raise taxes too much and you don't cut spending enough, where you're just funding entitlements by raising taxes and you don't do anything about it. if he had his way, i really think he would do that. i still don't think he gets it. >> when you hear people who are saying things like that, my guess is if you had boehner and president obama sit down in a room together, they could probably come up with an approach. >> we'll see. you don't have your button. >> i do. >> i'll just make one point. >> what's that? >> if you don't rise above, you know what you do? you sink below. you sink
losing this election means they have to give in and allow taxes to go up on wealthier americans? >> i think they've already agreed to that. you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said and i think we'll have to do more of it. we heard the mandate in 2010 where it was a clear mandate cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a ne
with the election behind us, they'll start moving in what we hope to be the right direction for the country. >> a pleasure to speak with you. thank you so much. >> thank you very much. >> president and ceo of marriott vacations worldwide. over to you. >> thanks. when we come back, an electric car company believe it is has the right kind of spark. has tesla made the right transition? the ceo says the answer is yes. we'll have a live interview coming up. >>> activision taking aim at the sales crowd for holidays. one of the biggest entertainment launches of all time. more "squawk on the street" is back after a break. from 17 billion chips worldwide to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext. unlocking the world's potential. to investing with knowledge. the potential of td ameritrade unlocked. nyse euronext. unlocking the world's potential. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or ab
the election last week. the dow up just 12 points. again, very light volume. no bond trading today because of the veterans day holiday. not a lot of direction for the markets today. up a point and change for nasdaq. at 2906. apple and microsoft sort of impacting the market today. the s&p 500 is up 1 1/2 points at 1381. less than an hour to go, let's talk with stocks in the green. can we manage to kick off the week in a positive note after last week's big losses? uncertainty over the resolution of the fiscal cliff is going to see for the foreseeable future, until the end of the year, as investors weigh what to do about that. what is the investor to do now that the markets get out of the way? >> we have chris levy from blackrock, michael from penchant partners michael jaynes and bob pisani. let's talk about this end of year tax increase, which is likely for certainly the highest earners. michael, how do you want to be positioned? >> i think the dividend stocks clearly are the most at-risk for that. if you look at utilities today, they're among the worst performing and that's a high dividend-
cuts. so tonight we have budget cutting hawk jeff flake, the senator-elect from arizona. then there's this -- >> watch out. they're stealing the hostess twinkies. >> watch this. here's your reward. >> thanks! >> the question is, will the union succeed in stealing the twinkies forever? the ceo of hostess speaks out and speaks to us about this subject. >>> first up, breaking news out of the middle east. at this hour, israel giving the green light to call up 30,000 reserve troops and is moving forces toward the gaza strip. this is war. this after tel aviv came under rocket fire attack for the first time in 20 years today. and where is president obama on all of this? let's get right to our special guest this evening. we have former assistant secretary of state rich williamson and syndicated radio talk show host john boutzer. how much injury they inflict on hamas? i want to know if the total blowout is possible? >> yes, it is, larry. why that is critical is because egypt is involved profoundly in this problem. morici, the new le elely electe president of egypt, is in the muslim brothers.
gathering of its kind since the presidential election. a lively event every year and especially so this time. sue is there with a special guest. hi, sue. >> indeed, i am, thank you, ty. i'm joined by michael cuggino, senior manager of the permanent portfolio funds. they rank in the top 1% of the morningstar category that they're in on a 5 and 10-year basis. they have more than $17 billion of assets under management. michael, one, it is great to have you here. most of the buzz here that i've been able to hear so far is the worry about going over the fiscal cliff. we're asking congress basically rise above, get it fixed, how are you basically allocating funds in anticipation of what might occur at the end of the year, and what do you think might occur at the end of the year? >> we're very diversified because we can't figure out what's going to happen right now. i think that means we need to be flexible. we've got an allocation of precious metals, equities an bond. obviously metals for the fear trade. risk of inflation. equities because in the short term we're selling off, i think in part becau
, post-election on the fiscal cliff? probably not. anybody who doesn't think there's anxieties there, just pull out your s&p chart. we still have wholesale inventories in about five minutes. back to you. >> rick, interesting stuff. we're trying to digest that number here ourselves. >> head scratcher. >> barring a big revision since '07 -- >> happy days were here again in '07. unemployment of 5%. >> and we have had the likes of hodges saying pay more attention to sentiment numbers because sandy disrupts -- >> jim, we'll see you tonight at "mad money." live interviews right here on "squawk on the street." >>> welcome back to "squawk on the street" in about 30 second we get wholesale inventories. it's always important and possible revisions on third quarter gdp. that could be predicated on inventory movement. let's face it, this is a third quarter number. here we are in the fourth quarter with a fresh set of issues to con send with. when we looked at consumer confidence levels we haven't seen since july of '07 that were just released, if you look at the charts, yes, we've seen a half ho
election. aussie dollar still on this 1.04 mark. that's where we stand right now here in europe. what about what's happening in asia? nice to see her back. sixuan is with us. >> yeah, good to see you, ross. most asian markets eked out modest gains after recent losses. the shanghai composite turned higher in the afternoon, allowing investors to wait the unveiling of that committee tomorrow. paper producers rallied with raw materials costs for the sector expected the decline. we saw broad based gains in hong kong, but next media shares plunged 13% before trading halted. in japan, the nikkei ended just a touch higher after falling for seven straight sessions. sharp shares surged 7% on reports of a possible tie-up with intel and qualcomm, but banking shares were under pressure ahead of earnings, mostly out after the bell. elsewhere, the kospi finished higher by about a quarter of a percent. teches and autos outperformed. costco shares ended flat. taiwan finished marginally in the green. the aussie market snapped a four-day losing streak with banks and utilities lending support. ross, back to yo
been trash. sell sell sell! got hammered more than any other when romney lost the election. it doesn't have a game plan for obamacare. i think it tuz and the stock could react positively. that's another trade besides petsmart and ross stories. the fiscal cliff is a serious probable but you can't allow yourself to become so pessimistic that you lose sight of all the opportunities out there or the fact that as weak as things seem. while we have an audience filled with veterans, let's start with a question that comes alile further away from home. take a look. >> hey, jim, sending you horned frog boo-yahs from kuwait. now i'm an army reservist and we're redeploying next year. i'm going back to my job in the defense industry. what do you think defense contractors are going to be like next year in the stock market? >> it's a great question. this is the group that hangs most in the balance by this issue called sequestration. it's the defense spending budget that will be cut so that means they have got to rely on dividend. lockheed martin has the best, safest yield. i say that would be the o
obama on this topic tomorrow and was recently elected to exxon's board. she'll be joining you live at 7:00 eastern. joe, i believe you have breaking earnings numbers. >> home depot 63 cents, a nonrecurring item in there of 11 cents a share. due to the previously announced closing of seven stores in china. on an adjusted basis, the company reported earnings of $1.1 billion or 74 crepts a share, 23% above the same period last year and 4 cents above expectations of 70 cents. third quarter results were better than we expected and reflected in part what we believe is the start of a path towards the healing of the housing market according to frank bica who we hopefully have a picture of in his full regale i can't, full orange home depot apron. because he's an endearing looking guy who you would trust him at your house. there he is. i love him. >> he does have his apron on. >> and i want to thank all of our associates, and there is also as i go through the press release here, based on the third quarter, we're updating our fiscal 2012 guidance and raising our sales growth guidance. be up approx
networks competing to call the election over there? anyway, yeah, china's better than you thought it was. yet many of our cyclical stocks that depend on china are still trading like the people's republic is going to have a really nasty, brutal, hard landing. based on what we're seeing, that is not in the cards which means the china oriented stocks deserve to go higher. forget the big picture for a second. you know i'm a bottom's up guy. i like to take my cue from individual companies. the companies with a lot of chinese business, they're saying the same thing. no one is listening. i'm listening. china stabilized. in september caterpillar slashed the guidance but the stock didn't go down because people were expecting the worst. they said that china should improve in 2013 versus 2012. no wonder cat failed to go down today after a heavy duty downgrade from jp morgan this morning. of course, the analysts had upgraded when it china was slowing, a totally botched call. so you know what i'm doing? i'm calling this poetic tractor justice. eaton, another big industrial reported the end of october
the pride of our elected leaders. what can i say? we deserve better. jack in ohio. jack. >> caller: hey, jimmy. with all the settlements going on, right? a long-term buy and hold. and the yield is going up. what do you think about bp? >> no. i'm going to send you a stock that has fallen precipitously and they'll change the tax law, i don't think they will. i'll send to you linco. they have been able to take advantage of the for sales of bp and this stock now yields 8%. lnco is the way to go. gary in indiana. >> caller: booyah too ya, "mad money" buddy. >> booyah to you. >> caller: last time i was on, i called about what i thought was the next starbuck. you didn't like it, and i grew not to like it either. i'm wondering since i sold short, is it too late to get back in to starbucks? >> it's too late. i thought this was brilliant. my reservation to tivana, i said let's go get to get some tea. teavana, doesn't serve tea. howard schultz is putting tea in. i think you should buy starbucks, charitable trust is doing it right now. making history every day. we may encounter the first congressal
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